State Minister for Economic Reforms of Georgia Kakha Bendukidze said that the simplification of procedures for the registration of clients during the opening of accounts will allow the Georgian banks to attract additional funds totaling nearly $ 200 million. According to him, this will have a positive impact on the development of Georgia’s economy and reduce interest rates for credits.

As Bendukidze said, “we shouldn’t fear to get IMF’s negative assessment of the draft law on simplifying the financial activity in Georgia.” He recalled that the IMF was also against the holding of tax reforms in 2004.

“I don’t know what document on reforms was submitted to the IMF. The document contains nothing that would damage Georgia. These are vital changes which will help Georgia’s banking sector attract additional funds,” Kakha Bendukidze noted.

The State Minister believes that IMF officials have read not the whole draft law but some parts only. According to him, the draft law stimulates the transparency in the banking system and toughens the measures against money laundering.